Local knowledge is crucial to branch success

In the past, you would have opened multiple identical branches across an area to give customers access in the places they live, work and shop.

Now, the prevailing model is one town/city-centre branch with a diverse array of services acting as a central hub for customers to visit in the same trip as picking up the shopping. However, this model will probably require a degree of branch repositioning.

Travel times

Your branch needs to be within convenient travelling distance for a large share of your local customer base.

Identifying the site that’s most accessible for your customers requires a tool that can plot all your customer and branch locations, then automatically generate estimated travel times.

Service diversification

You’ll also need to think about adapting branch design and diversifying services for local markets.

Retailers (especially supermarkets) already have a good grasp of this concept, with ‘express’ convenience stores refined to match local preferences.

You need a tool that combines local demographic data with your own sales records and competitor data to predict the services and layout most likely to draw customers in.

This data set can give insight into factors including whether:

Local customers prefer traditional or contemporary design

Customers prefer multiple cashiers to self-service machines

Additional rooms/booths for private customer conversations are needed

Partnering with another service (such as parcel collection) would increase footfall

Biometric and other technology would be a help or a hindrance

The tool that can tell you all this and more is Periscope® – an innovative software system from Newgrove. Make the most of your data and modernise your bank branch portfolio with this intuitive location intelligence programme.

Discover how Periscope® can help you optimise your portfolio of bank branches to increase revenue generation. Call our expert team and arrange a demo today.